APRA has released fund-level data showing the progress of the early release of super scheme, with 96% of requests being met within five business days. However, several funds have taken far longer.
APRA's figures to May 3 show 830,000 payments were made totalling $6.3 billion in the second week of the scheme. The average payment was $7629 and the average processing time being 3.1 days following approval by the ATO.
Over one million Australians have requested early access, of which 830,000 were paid.
The regulator said 82% of the funds to make payments have fulfilled more than 90% of them within five days. According to the data, 57 funds made all payments within five days.
|Sponsored by Legg Mason|
Depression, Recovery, and the Risk of Time
Among the funds who had a 100% strike rate for fulfilling requests within five business days is HESTA, Sunsuper, Equipsuper, Energy Super, Tasplan, Lutheran Super, REI Super and MIESF Super.
Meanwhile, 24 funds paid 99% of requests within the necessary timeframe and 18 funds did so for 98% of requests.
AustralianSuper paid out 99,350 members to the tune of close to $764 million. About 98.9% of these were processed within five days.
Hostplus received close to 127,500 applications, paid out 93,731 totalling more than $660 million, and 99.8% were paid within five days.
Similarly, Rest fulfilled 99.1% of its payments within five days. Of the 106,441 requests received, it paid out 79,936 totaling $584 million.
However, there were some that failed to meet the majority of requests within five days.
For instance, of the 12174 requests from Intrust Super members, 8795 were paid but 73.2% took between six and nine days for the fund to fulfil.
ING Superannuation Fund received 4575 requests. Of those, 3677 were paid but 46.5% took longer than six days to reach the respective member.
Of the 1075 requests from Australian Catholic Superannuation and Retirement Fund members, 390 were paid and 63.9% took between six and nine days to be met.
Media Super also lagged, with 36.7% of the 2599 payments it made taking between six and nine days.
Payments may have been delayed due to incomplete information provided by the ATO, application errors, verification of mismatches between member information held by the fund and provided by the ATO. Members of defined benefit schemes applications require additional processing, APRA said.
The funds that received the lowest number of applications are Commonwealth Superannuation Corporation (8), Fire and Emergency Services Superannuation Fund (11) and Mason Stevens Super (6).
APRA deputy chair Helen Rowell said the figures show super trustees understand the importance of paying people quickly.
Processing of ERS application resumed as of yesterday after having been paused to allow for enhancement of ATO systems and to assist an Australian Federal Police investigation into instances of fraud.
Applications made via the ATO on Friday, May 8 have already been passed on to super funds, Assistant Treasurer Michael Sukkar confirmed.
Updating its stats, Rest said that as at 10am on May 12 it has paid $886.5 million to 123,022 members. A further 9226 applications totaling about $64 million are currently being processed, the fund said. So far members have requested $976.4 million from Rest, the fund said.